"We are initiating coverage on Cellect Biotechnology Ltd., an Israeli biotechnology company focusing on a novel technology platform, Powered by Cellect™, which is aimed at optimizing the selection of stem cells by specifically eliminating harmful immune cells from bone marrow-derived cell populations taken from allogeneic (i.e., nontissue matched) donors, thus creating a pure population that can be transplanted into patients without severe side effects such as graftvs.-host disease (GvHD)," said Selvaraju.

The analyst added, "In our view, the scientific underpinnings of the technology—using an apoptosis (programmed cell death)-inducing signal to selectively kill immune cells in donor material while maintaining the viability of the stem cell population to be transplanted—constitute significant de-risking factors. Cellect is embarking upon a proof-ofconcept Phase 1/2 trial in Israel, which involves leukemia patients undergoing allogeneic hematopoietic stem cell transplantation (HSCT), previously known as bone marrow transplant (BMT). In our view, if this trial yields positive interim data (early to mid-2017), it could prove transformative and facilitate entry into pivotal testing. Cellect is very capital-efficient, with an accumulated deficit of only $7.1M since inception in 2011."

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